pb 1 jul 2021

REPORT

Savills Research

Asia Pacifi c – July 2021

Prime Benchmark

Prime Benchmark

2savills.com.hk/insight-and-opinion/

As at 31 December 2020. *Associate offices excluded from office figures

AustraliaAdelaideBrisbaneCanberraGold Coast LindfieldMelbourneNotting HillParramattaPerthSunshine CoastSouth SydneySydney

CambodiaPhnom Penh *

ChinaBeijingChangshaChengduChongqingDalianFuzhouGuangzhouHaikouHangzhouNanjingShanghaiShenyangShenzhenTianjin WuhanXiamenXi’anZhuhai

Hong Kong SARCentral Quarry Bay (3)

IndiaBangaloreChennaiDelhiHyderabadMumbaiPune

IndonesiaJakarta

JapanTokyo

Macau SARMacau

MalaysiaJohor BahruKuala LumpurPenang

New ZealandAucklandChristchurch

PhilippinesCebu *Makati City *

SingaporeSingapore (4)

South KoreaSeoul

Taiwan, ChinaTaichungTaipei

ThailandBangkok

VietnamDa nangHo Chi Minh City

43Offices

Asia

15Offices

Australia &New Zealand

2

Asia Pacific OfficesSavills

4

4

Prime Benchmark

Comprehensive Services

Innovative Thinking

Asset Management

Facilities Management

Hotels

Industrial Services

Investment and Sales

International Residential

Occupier Services

Serviced Apartment Services

Offi ce Services

Project Management

Property Management

Research

Consultancy

Valuations

Residential Services

Retail Services

Assumptions: 1) 1 sq m = 10.7639 sq ft/0.3025 ping/0.3025 tsubo 2) As of 30th Jun 2021, USD/RMB = 6.464; USD/HKD = 7.764; USD/NTD = 27.9425; USD/JPY = 110.57; USD/KRW = 1,131.5; USD/SGD = 1.345; USD/MYR = 4.153; USD/VND = 23,057; USD/AUD = 1.3304; USD/PHP = 48.633; USD/IDR = 14,052

This report has been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rates. Except for the hotel sector, all the costs are quoted on a net fl oor area basis per month, which is defi ned as the fl oor area exclusively allocated to a unit, excluding common areas. As only a small basket of 5 to 10 prime buildings are monitored in each sector, the rental data and occupancy costs reported in this publication might be higher than the average market fi gures being reported elsewhere. Given varying local market practices, necessary assumptions and judgments are made by our real estate professionals in local offi ces to achieve comparable results among the diff erent cities.

3

Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. The company now has over 600 offi ces and associates throughout the Americas, Europe, Asia Pacifi c, Africa and the Middle East. In Asia Pacifi c, Savills has 62 regional offi ces comprising over 29,000 staff . Asia Pacifi c markets include Australia, China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Singapore, South Korea, Taiwan,

Thailand and Viet Nam. Savills provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. A unique combination of sector knowledge and entrepreneurial fl air

gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative-thinking organisation supported by excellent negotiating skills. Savills chooses to focus on a defi ned set of clients, off ering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a high-quality service off ering and a premium brand, taking a long-term view of real estate and investing in strategic business relationships.

Prime Benchmark

MARKET CYCLE

TOTAL OCCUPANCY (TOP 5 AVERAGE COST)

TOTAL COSTUS$ PSM NET PM

RENT(US$ PSM NET EFF PM)

MANAGEMENT FEE(US$ PSM NET PM)

GOV’T RATES/TAX(US$ PSM NET PM)

US$ PSM NET PM

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TAIPEI

HONG KONGTOKYOBEIJINGOSAKA

SINGAPORESHENZHEN

GUANGZHOUKUALA LUMPUR

SYDNEYMELBOURNE

BRISBANEMANILA

JAKARTASEOUL

SHANGHAI

HANOIHO CHI MINH CITY

OFFICES

0 50 100 150 200 250

HONG KONG

TOKYO

BEIJING

SEOUL

SINGAPORE

OSAKA

SHANGHAI

SYDNEY

TAIPEI

HO CHI MINH CITY

SHENZHEN

GUANGZHOU

MELBOURNE

BRISBANE

HANOI

MANILA

JAKARTA

KUALA LUMPUR

HONG KONG

230.6201.818.710.1

OSAKA

93.985.4INCLUSIVE8.5

SHENZHEN

61.655.75.9INCLUSIVE

BEIJING


SYDNEY

87.684.70.62.3

MELBOURNE

49.944.31.83.8

MANILA

35.929.74.12.1

TOKYO

165.5150.5INCLUSIVE15.0

SHANGHAI


GUANGZHOU


BRISBANE

48.244.70.62.9

SEOUL


TAIPEI

77.168.84.93.4

JAKARTA

33.122.57.73.0

KUALA LUMPUR

24.724.7INCLUSIVEINCLUSIVE

HANOI

42.731.58.03.2

SINGAPORE


HO CHI MINH CITY

61.850.06.75.0


Prime Benchmark

-4.8%-4.6%

-7.7%-1.1%

1.4%0.4%

-1.8%2.2%

-3.0%-1.3%

-9.1%-2.5%

1.8%0.7%

-1.0%0.2%

1.3%0.6%

0.7%0.2%

0.7%-0.4%

-0.4%-1.4%

-4.2%-2.0%

-9.0%-6.9%

2.6%2.1%

-4.4%-3.3%

-3.0%0.2%

-3.1%-0.2%

COST CHANGESJAN TO JUN 2021

TOTAL OCCUPANCY COST1H 2009 TO 1H 2021

Rental changes in US$

Rental changes in local currency

US

$ P

SM

NE

T P

M

OFFICES

TOKYO

Source Savills Research & Consultancy

JAKARTA

HONG KONG

TOKYO

BEIJING

SEOUL

SINGAPORE

OSAKA

SHANGHAI

SYDNEY

TAIPEI

HO CHI MINH CITY

SHENZHEN

GUANGZHOU

MELBOURNE

BRISBANE

HANOI

MANILA

JAKARTA

KUALA LUMPUR

-10% -5% 0% 5%

BEIJING

SEOUL

SHANGHAI

SINGAPORE

TAIPEI

HO CHI MINH CITY

HONG KONG

KUALA LUMPUR

0

50

100

150

200

250

300

350

1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

5

Prime Benchmark

MARKET CYCLE






HONG KONG

751.9685.731.934.3

BEIJING

325.6312.513.1INCLUSIVE

KUALA LUMPUR


SHANGHAI

387.3373.613.7INCLUSIVE

TAIPEI

225.9202.413.210.2

HANOI


TOKYO

482.9437.7INCLUSIVE45.1

OSAKA

248.3225.7INCLUSIVE22.6

HO CHI MINH CITY

135.4115.69.310.6

JAKARTA

61.743.312.85.6

GUANGZHOU


SHENZHEN

221.6204.816.8INCLUSIVE

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

OSAKA

TOKYOOSAKA

HONG KONGTAIPEI

KUALA LUMPURMANILA

SINGAPORESEOUL

JAKARTABEIJING

GUANGZHOUSHENZHEN

HO CHI MINH CITYHANOI

SHANGHAI

PRIME RETAIL MALLS

MANILA

46.838.55.62.7

SINGAPORE


SEOUL

172.6154.318.2INCLUSIVE

US$ PSM NET PM

0 100 200 300 400 500 600 700 800

HONG KONG

TOKYO

SHANGHAI

GUANGZHOU

SINGAPORE

BEIJING

OSAKA

TAIPEI

SHENZHEN

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

HANOI

JAKARTA

MANILA


Prime Benchmark



PRIME RETAIL MALLS

-4.6%-4.5%

-12.0%-5.6%

2.3%1.2%

2.8%1.7%

-9.3%-7.8%

1.0%0.0%

-6.7%0.0%

-3.7%-4.3%

-1.5%-2.5%

-3.3%0.6%

-3.0%0.0%

1.2%0.7%

0.3%-0.2%

-3.1%0.0%

-4.4%-3.2%

HONG KONG

TOKYO

SHANGHAI

GUANGZHOU

SINGAPORE

BEIJING

OSAKA

TAIPEI

SHENZHEN

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

HANOI

JAKARTA

MANILA

-10% -5% 0% 5%



US

$ P

SM

NE

T P

M

0

200

400

600

800

1,000

1,200

1,400


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

BEIJING

TOKYO

SHANGHAI

SEOUL

TAIPEIHONG KONG

SINGAPORE JAKARTA


7

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOKUALA LUMPUR

MELBOURNE

HONG KONGSHENZHEN

GUANGZHOUBEIJING

SHANGHAI

HONG KONGKUALA LUMPUR

HONG KONGSINGAPORESHENZHEN

BEIJINGSHANGHAI

GUANGZHOU

LOGISTICS

TOKYO


GUANGZHOU

9.59.0INCLUSIVE0.5

SINGAPORE

12.49.12.40.9

SHANGHAI


HONG KONG

22.419.12.31.0

BEIJING

8.88.20.6INCLUSIVE

SHENZHEN


MELBOURNE

6.66.10.10.5

US$ PSM NET PM

0 5 10 15 20 25

TOKYO

HONG KONG

SINGAPORE

SHENZHEN

GUANGZHOU

BEIJING

SHANGHAI

MELBOURNE

KUALA LUMPUR

KUALA LUMPUR



Prime Benchmark


US

$ P

SM

NE

T P

M

LOGISTICS

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

-5.5%1.3%

3.4%3.6%

-1.5%0.1%

2.8%1.7%

3.2%2.1%

1.7%0.7%

1.4%0.3%

-1.1%1.2%

5.0%8.2%

TOKYO

HONG KONG

SINGAPORE

SHENZHEN

GUANGZHOU

BEIJING

SHANGHAI

MELBOURNE

KUALA LUMPUR

-5% 0% 5%



0

5

10

15

20

25

2H 1H 2H 1H 2H 1H

2018 2019 2020 2021


MELBOURNE


KUALA LUMPUR

9

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKA

MANILABEIJING

HONG KONGSHENZHEN

KUALA LUMPURTAIPEI

SINGAPORESHANGHAI

GUANGZHOU

LUXURY APARTMENTS

HONG KONG

93.180.48.74.0

BEIJING


GUANGZHOU


SHANGHAI


OSAKA


KUALA LUMPUR


TOKYO


TAIPEI

32.528.32.81.4

MANILA


SINGAPORE


SHENZHEN


US$ PSM NET PM

0 20 40 60 80 100

HONG KONG

TOKYO

SHANGHAI

SINGAPORE

BEIJING

TAIPEI

OSAKA

SHENZHEN

GUANGZHOU

MANILA

KUALA LUMPUR


Prime Benchmark



US

$ P

SM

NE

T P

M

BEIJING

TOKYO

SHANGHAI

SINGAPORE

HONG KONG

-1.0%-0.8%

-10.4%-3.9%

1.9%0.9%

-1.1%0.5%

4.9%3.8%

0.3%-0.3%

-6.2%0.6%

1.8%0.8%

3.0%2.0%

-2.3%-1.1%

-4.6%-1.7%

HONG KONG

TOKYO

SHANGHAI

SINGAPORE

BEIJING

TAIPEI

OSAKA

SHENZHEN

GUANGZHOU

MANILA

KUALA LUMPUR

-10% -5% 0% 5%



20

30

40

50

60

70

80

90

100

110

120


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021


LUXURY APARTMENTS

11

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

SHENZHEN BEIJINGHONG KONGSHANGHAI

SHENZHENSINGAPORE

GUANGZHOU

PRIME VILLAS/TOWNHOUSES

HONG KONG

106.389.612.24.5

SHANGHAI


GUANGZHOU


SHENZHEN


BEIJING


SINGAPORE


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING


Prime Benchmark


US

$ P

SM

NE

T P

M

PRIME VILLAS/TOWNHOUSES

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

1.5%1.7%

3.2%2.1%

1.5%0.5%

8.3%10.2%

4.1%3.1%

1.9%0.9%

HONG KONG

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING

-5% 0% 5% 10%



20

40

60

80

100

120

140

160


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021



13

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

GUANGZHOUTOKYOHANOITAIPEI

OSAKAMANILABEIJING

HONG KONGSEOUL

KUALA LUMPURHO CHI MINH CITY

SHENZHENSINGAPORESHANGHAI

LUXURY SERVICED APARTMENTS

TOKYO


OSAKA


HANOI


SEOUL


SHANGHAI


HO CHI MINH CITY


HONG KONG


BEIJING


TAIPEI

35.330.43.41.5

KUALA LUMPUR


MANILA

84.371.34.98.0

SHENZHEN


SINGAPORE


GUANGZHOU


US$ PSM NET PM

0 20 40 60 80 100 120

TOKYO

HONG KONG

SEOUL

MANILA

SINGAPORE

OSAKA

BEIJING

SHANGHAI

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR


Prime Benchmark


US

$ P

SM

NE

T P

M

LUXURY SERVICED APARTMENTSCOST CHANGESJAN TO JUN 2021

-15% -10% -5% 0% 5% 10%



TOKYO

HONG KONG

SEOUL

MANILA

SINGAPORE

OSAKA

BEIJING

SHANGHAI

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR

-1.2%5.9%

0.8%1.0%

5.4%9.7%

-2.3%-1.0%

7.6%9.4%

-14.0%-7.8%

-0.4%-1.5%

-1.0%-2.1%

-0.1%-1.1%

9.6%8.4%

-3.0%-3.5%

1.1%0.4%

-3.7%-4.2%

-4.0%-1.1%

20

40

60

80

100

120

140

160


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

BEIJING

TAIPEI

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

HONG KONG


HANOI

15

Prime Benchmark

MARKET CYCLE


TOTAL COSTUS$ PER ROOM PER NIGHT

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

GUANGZHOU

TOKYOOSAKATAIPEI

BEIJINGMANILA

SHENZHENSYDNEY

MELBOURNE

SEOULHONG KONGSHANGHAI

HO CHI MINH CITYKUALA LUMPUR

HANOISINGAPORE

HOTELS

TOKYO

624.4

HONG KONG

339.6

SHENZHEN

254.3

OSAKA

381.9

BEIJING

332.7

SYDNEY

206.7

MANILA

133.8

SINGAPORE

487.8

TAIPEI

339.6

MELBOURNE

244.3GUANGZHOU

150.5

SEOUL

376.5

SHANGHAI

255.8

HO CHI MINH CITY

112.3HANOI

101.8KUALA LUMPUR

99.1

US$ PER ROOM PER NIGHT

0 100 200 300 400 500 600 700

TOKYO

SINGAPORE

OSAKA

SEOUL

HONG KONG

TAIPEI

BEIJING

SHANGHAI

SHENZHEN

MELBOURNE

SYDNEY

GUANGZHOU

MANILA

HO CHI MINH CITY

HANOI

KUALA LUMPUR


Prime Benchmark


US

$ P

ER

RO

OM

PE

R N

IGH

T

HOTELS

BEIJING

HO CHI MINH CITY

SHANGHAI

HANOI

TOKYO

KUALA LUMPUR

HONG KONG

COST CHANGESJUN 2021 YOY

-30% -20% -10% 0% 10% 20% 30% 40%



TOKYO

SINGAPORE

OSAKA

SEOUL

HONG KONG

TAIPEI

BEIJING

SHANGHAI

SHENZHEN

MELBOURNE

SYDNEY

GUANGZHOU

MANILA

HO CHI MINH CITY

HANOI

KUALA LUMPUR

-3.8%-1.3%

10.5%6.7%

3.5%6.1%

18.4%11.7%

10.6%10.8%

18.0%12.1%

39.0%26.9%

7.1%-2.3%

18.8%8.4%

9.4%0.0%

6.2%-2.9%

-3.2%-11.6%

-30.3%-31.9%

-9.5%-10.4%

-9.4%-10.3%

-12.6%-15.2%

0

100

200

300

400

500

600

700

800

900


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

OSAKA

MANILA MELBOURNE


SYDNEY

SEOUL SINGAPORE

17

Savills - IndonesiaPT Savills Consultants Indonesia

Panin Tower – Senayan City, 16th Floor, Unit C

JI. Asia Afrika Lot. 19, Jakarta 10270, Indonesia

Tel: +6221 293 293 80 Fax: +6221 293 293 81

Contact: Kevin Murtagh Email: [email protected]

Savills - JapanSavills Japan Co., Ltd

15/F Yurakucho ITOCiA , 2-7-1 Yurakucho, Chiyoda-ku

Tokyo 100-0006, Japan

Tel: +81 03 6777 5150 Fax: +81 3 6777 5105

Contact: Christian Mancini E-mail: [email protected]

Savills - KoreaSavills Korea Co., Ltd

13/F Seoul Finance Center, 136 Sejong-daero

Jung-gu, Seoul 04520, Korea

Tel: +82 2 2124 4201 Fax: +82 2 2124 4188

Contact: Crystal Lee E-mail: [email protected]

Savills - MalaysiaSavills (Malaysia) Sdn Bhd

Level 9, Menara Milenium, Jalan Damanlela, Bukit Damansara

50490 Kuala Lumpur, Malaysia

Tel: +603 2092 5955

Contact: Datuk Paul Khong

Email: [email protected]

Savills - SingaporeSavills (Singapore) Pte Ltd

30 Cecil Street, #20-03 Prudential Tower, Singapore 049712

Tel: +65 6836 6888 Fax: +65 6836 2668

Contact: Marcus Loo E-mail: [email protected]

Savills - TaiwanSavills (Taiwan) Limited

21/F Cathay Landmark, No.68, Sec. 5, Zhongxiao E. Road

Xinyi District, Taipei City 110, Taiwan

Tel: +886 2 8789 5828 Fax: +886 2 8789 5929

Contact: Ricky Huang E-mail: [email protected]

Savills - ThailandSavills (Thailand) Limited

26/F Abdulrahim Place, 990 Rama IV Road

Silom, Bangrak, Bangkok 10500, Thailand

Tel: +66 2 636 0300 Fax: +66 2 636 0339

Contact: Robert Collins E-mail: [email protected]

Savills - Vietnam Savills Vietnam Ltd. Co.

18/F, Ruby Tower, 81-85 Ham Nghi Street

District 1, Ho Chi Minh City, Vietnam

Tel: +84 28 3823 9205 Fax: +84 28 3823 4571

Contact: Neil MacGregor

E-mail: [email protected]

AUSTRALIASavills - AustraliaLevel 25, GPT 1 Farrer Place, Sydney, Australia

Tel: +61 2 8215 8888

Contact: Paul Craig E-mail: [email protected]

Notting Hill, Adelaide, Perth, Brisbane, Gold Coast and Sunshine

Coast

NEW ZEALANDSavills - New ZealandLevel 6, 41 Shortland Street, Auckland NZ 1010

Tel: +64 9 951 5940

Contact: Ryan Geddes E-mail: [email protected]

THE AMERICASSavills – New YorkSavills Studley, 399 Park Avenue, 11th Floor,

New York, NY 10022

Tel: +1 212 326 8610 Fax: +1 212 326 1034

Contact: Mitchell Rudin E-mail: [email protected]

UNITED KINGDOM, EUROPE,THE MIDDLE EAST AND AFRICASavills - EuropeSavills, 33 Margaret Street, London W1G 0JD

Tel: +44 207 499 8644 Fax: +44 207 495 3773

Contact: Mark Ridley E-mail: [email protected]

Denmark, Egypt, Finland, France, Germany, Gibraltar, Greece,

Hungary, Ireland & Northern Ireland, Israel, Italy, Kenya,

Luxembourg, Monaco, Montenegro, Mozambique, Nambia,

Netherlands, Norway, Oman, Poland, Portugal, Qatar, Russia,

Saudi Arabia, Serbia, Seychelles, South Africa, Spain, Sweden,

Switzerland, UAE, United Kingdom & Channel Islands, Zambia,

and Zimbabwe

CHINAHONG KONG SARSavills (Hong Kong) Limited23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4534 Fax: +852 3007 2458

Contact: Raymond Lee E-mail: [email protected]

EA Co. Licence: C-002450

Savills Valuation and Professional Services Limited1204-08 Cityplaza One, 1111 King's Road, Taikoo Shing,

Hong Kong

Tel: +852 2840 4806 Fax: +852 3007 4523

Contact: Charles Chan E-mail: [email protected]


Savills Property Management Holdings Limited805-13 Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2534 1688 Fax: +852 2508 1883

Contact: Johnnie Chan E-mail: [email protected]


Savills Guardian (Holdings) Limited7/F Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2512 1838 Fax: +852 2887 3698

Contact: Johnnie Chan E-mail: [email protected]


MACAU SARSavills - Macau Savills (Macau) Limited

Suite 1309-10, 13/F Macau Landmark,

555 Avenida da Amizade, Macau

Tel: +853 8506 6288 Fax: +853 2878 1805

CHINA Savills - Shanghai25/F Two ICC, 288 South Shaanxi North Road,

Xuhui District, Shanghai 200031, China

Tel: +86 21 6391 6688 Fax: +86 21 6391 6699

Contact: Siu Wing Chu E-mail: [email protected]

Savills - Beijing2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue,

Chaoyang District, Beijing 100022, China

Tel: +86 10 5925 2288 Fax: +86 10 5925 2299

Contact: Anthony McQuade

E-mail: [email protected]

Guangzhou, Haikou, Hangzhou, Nanjing, Shanghai, Shenyang,

Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an and Zhuhai

ASIASavills - India

DLF Cyber City, Sector 24, Gurgaon, 122002

Tel: +91 124 631 0000

Contact: Anurag Mathur Email: [email protected]

Savills, the international real estate advisor established in the UK since 1855 with a network of over 650 offices and associates globally.

ASIA PACIFIC HEADQUARTERS23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4400 Fax: +852 2868 4386

contract; interested parties should seek independent professional advice from lawyer, accountant and surveyor and should not rely on the statements or representations herein but must satisfy themselves by inspection or otherwise as to the accuracy,

completeness and correctness of the contents hereto. No warranties or representations whatsoever is given by Savills in respect of the contents hereto. Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising

from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills. © Savills (Hong Kong)

Limited. 2020

CEO, Greater ChinaContact: Raymond Lee E-mail: [email protected]

Contact: Robert McKellar E-mail: [email protected]

CEO, Australia & New ZealandContact: Paul Craig E-mail: [email protected]

Contact: Christian Mancini E-mail: [email protected]

Contact: Tim Robinson E-mail: [email protected]

CEO, IndiaContact: Anurag Mathur E-mail: [email protected]

CEO, South East AsiaContact: Christopher Marriott E-mail: [email protected]

Regional Managing Director, Professional Services, Asia

ASIA PACIFIC EXECUTIVE COMMITTEE

pb 1 jul 2021

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